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The furfuryl alcohol market has been experiencing significant growth in recent years, with a promising outlook for the near future. This blog delves into the recent trends, growth drivers, and future projections for the furfuryl alcohol market.

Recent Market Performance

• Market Size and Growth (2023-2024):
  • The market size grew from $0.55 billion in 2023 to $0.59 billion in 2024.
  • Compound Annual Growth Rate (CAGR): 7.4%.
  • Key drivers: Availability of agricultural byproducts, increased use of furfuryl alcohol in various industries, growing application of furan resins, environmental regulations, and economic growth.

Future Market Projections

• Market Size and Growth (2024-2028):
  • Expected to reach $0.79 billion by 2028.
  • Projected CAGR: 7.5%.
  • Growth drivers: Adoption of sustainable practices, regulatory support, changes in raw material availability and costs, increased green chemistry adoption, and growth in the foundry industry.

Major Trends Shaping the Market

• Technological Advancements: Continuous improvements in technology are driving efficiency in furfuryl alcohol production.
• Increased R&D Investments: Growing investment in research and development is leading to innovative applications and products.
• Green Chemistry Adoption: There is a rising focus on adopting green chemistry to make processes more environmentally friendly.
• Supply Chain Improvements: Enhancements in supply chain management are optimizing raw material procurement and product distribution.
• Consumer Preferences: Growing consumer demand for eco-friendly products is influencing market dynamics.

Read The Full Furfuryl Alcohol Market Report Here:
https://www.thebusinessresearchcompany.com/report/furfuryl-alcohol-global-market-report

Rising Demand in Foundries

• Growth Driver:
  • The growing demand for foundries is a major driver for the furfuryl alcohol market.
  • Foundries produce metal castings used in various industries, which require high-quality molds and cores.
  • Furfuryl alcohol serves as a binder in foundry sand molds, enhancing mold strength and casting quality.
  • Example: In March 2023, the American Foundry Society reported that U.S. foundry industry casting sales increased from $43.3 billion in 2021 to $46.3 billion in 2022.

Key Companies in the Market

• Major Players:
  • Merck Group
  • Indorama Ventures Public Company Limited (IVL)
  • Illovo Sugar Africa Ltd
  • Central Romana Corporation
  • Sinochem International Corp.
  • Lenzing AG
  • Ashland Inc.
  • KRBL Limited
  • Wego Chemical Group Inc.
  • Sisco Research Laboratories Pvt. Ltd.
  • Pennakem LLC
  • TransFurans Chemicals B.V.
  • Hongye Chemical Co. Ltd.
  • Aurus Specialty Company Limited
  • International Furan Chemicals B.V.
  • Kanto Chemical Co. Inc.
  • DalinYebo
  • Ottokemi
  • Junsei Chemical Co. Ltd.
  • Leo Chemo Plast Pvt Ltd

Innovations in Eco-Friendly Resins

• Environmentally Friendly Resins:
  • Companies are focusing on developing low-free furfuryl alcohol resins to enhance sustainability.
  • These resins reduce emissions by lowering the content of free furfuryl alcohol while maintaining performance.
  • Example: In July 2022, ASK Chemicals introduced MAGNASET technology, which features low levels of free furfuryl alcohol and formaldehyde. MAGNASET resins match the performance of leading furan resins while reducing free FA content to below 40%, enhancing safety and reducing emissions.

Market Segmentation

• By Source Type:
  • Sugarcane Bagasse Raw Material
  • Corn Cob Raw Material
  • Other Sources
• By Application:
  • Corrosion Inhibitors
  • Solvents
  • Resins
  • Other Applications
• By End User:
  • Paints and Coatings
  • Agriculture
  • Foundry
  • Food and Beverages
  • Pharmaceuticals
  • Other End Users

Regional Insights

• Asia-Pacific:
  • Largest region in the furfuryl alcohol market in 2023.
• North America:
  • Expected to be the fastest-growing region in the forecast period.

The furfuryl alcohol market is set for continued growth driven by increasing demand in various applications, technological advancements, and a shift towards environmentally friendly solutions. As industries continue to evolve and adapt to new sustainability standards, the market for furfuryl alcohol is expected to expand significantly.

Get A Free Sample On The Global Furfuryl Alcohol Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=16063&type=smp

The Furfuryl Alcohol Global Market Report 2024  provides an overview of the furfuryl alcohol market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The furfuryl alcohol market forecast analyzes furfuryl alcohol market size, furfuryl alcohol market share, leading competitor and their market positions.

The Table Of Content For The Furfuryl Alcohol Market Include:
1. Furfuryl Alcohol Market Executive Summary
2. Furfuryl Alcohol Market Segments
3. Furfuryl Alcohol Market Size And Furfuryl Alcohol Market Growth Rate
4. Key Furfuryl Alcohol Market Trends
5. Major Furfuryl Alcohol Market Drivers
……
25. Key Mergers And Acquisitions In The Furfuryl Alcohol Market
26. Top Furfuryl Alcohol Companies
27. Furfuryl Alcohol Market Opportunities And Strategies
28. Furfuryl Alcohol Market, Conclusions And Recommendations
29. Appendix

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